JUST SOLD: 651 Cherry Avenue in Sonoma, CA (it’s a GREAT story in pricing!)

This 1289sf 2 bedroom, 2 bathroom upper end unit in lush Sonoma Greens, has an interesting story–and proof that price overcomes all objections. And that people want what other people want. But they won’t know that they want it if they’ve never seen it. And if the price isn’t exciting, they likely won’t see it.

As with all my listings we provided a disclosure package that included all the HOA documentation, inspections, disclosures, etc. This way potential buyers can make an informed decision BEFORE they write an offer–if they even choose to write an offer at all.

We started out at $400K and we got two offers right out of the gate. However, since the seller purchased this property, Sonoma has grown and highway 12 can get very congested. There is a convenience store at the corner of Boyes Boulevard and Railroad Avenue and large delivery trucks are using Railroad Avenue, making it very noisy.

The seller had a very thin margin between a standard sale and a short sale. So after a while we reduced the price to $395K hoping to generate new interest. The  most recent sales for the same unit in the same complex sold for $420K and $431K, so we felt that our price was pretty good. But, the road noise kept killing any interest.

So then we starting engaging the bank and getting the short sale process under way. I wanted to go as low as possible on the price ($300K) to generate multiple offers and let the market sort it out. The seller didn’t want to go that low because they had paid more than that to begin with. So we reduced the price to $365K. And, still, the road noise was killing the deal.

Eventually I contacted the bank and said that I felt we should reduce the price to $300K in the hopes of multiple offers and let the market sort it out. Their response was, “you’re the expert, do whatever it takes to sell it.” So $300K it was. And multiple offers it was! And it was such a desirable property that TWO of the six offers that came in raised their price high enough so that it was no longer a short sale, closing at $390K. The seller had to bring a few dollars to the table to close, but avoided a short sale and foreclosure, and all the negativity that goes along with those transactions.

Moral of the Story: PRICE overcomes ALL objections.

Please contact me to learn  how I can sell your home too!


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Categories: best places to live, home sales, just sold, Real Estate, SonomaTags: , , , ,

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